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Business Studies

Partnership

State any two...

Question

State any two features that you may notice in partnership a firm.

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Solution

The two features of partnership are

(i) The risk of the business are borne by the partners as a team. Profits, as well as losses, are shared by the partners in the same ratio.

(ii) Partners are jointly as well as individually liable for payment of debts and thus, liability is unlimited.

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